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Running head: Industrial Revolution
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Industrial Revolution
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Industrial Revolution
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Industrial revolution
The United States of America first started to experience the industrial revolution in
the years between 1820 and 1950. The industrial revolution served as a blessing to the US,
as it made it become a global leader in both trade and development. It is in this era of
industrial revolution that the country experienced a surge in development of critical
technology that became vital to industrial growth. Apart from the increase in technology,
industrial revolution came about with new concepts of the market economy that focused
on mass production (Hounshell, 1984).
Labor and capital are key factors of production that were promoted in the era of
industrial revolution. Due to mass production that had been enhanced by growth in
technology, there was high demand for labor and supply of the products hence the
introduction of wages and remuneration to workers. With new job opportunities, rural,
urban migration was on the rise as people took advantages of the growth in industries and
production plants (Hounshell, 1984). Wealthy population in the society took advantage of
the mass production concept and due to their sound financial status; they were able to
produce goods in masses for the ready markets mostly the poor in the society. Mass
production created and to some extent widened the gap between the poor and rich that has
existed since then and seems to be growing wider (Rosen, 2012). The rich continued to
accumulate wealth from their production while the poor continued to work harder so that
they could be able to afford some of the products. Demand and supply of goods and
service led to the establishment of new industries as well as growth in entrepreneurship
(Hounshell, 1984...
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